MMTC, India’s largest and state owned trading house, has today floated another export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids is 14:30 hrs on 01 Sept’17.
It seems that the company has cancelled the previous export tender for 30,000 MT which got expired on 16 Aug’17 in expectation of higher bids. According to market sources report to SteelMint, the tender received participation from about three companies with highest bid (H1) around USD 355/MT, FoB. However as per sources the company was eyeing for levels above USD 360/MT, FoB.
Synopsis of the new tender issued
Quantity: 30,000 MT (max)
Chemical Specifications : C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max
Loading port: Paradip Port, India
Shipment period: During 25 Sept’17 – 05 Oct’17
Delivery basis: FOBST Paradip Port
Destination: Any country other than banned countries
NINL raised domestic pig iron prices twice in Aug’17 – In line with hike in pig iron prices by other merchant producers and rising coal prices, NINL announced 2nd hike for the month in its domestic prices on 18 Aug’17. It increased prices further by INR 1,000-1,250/MT.
The latest offers are reported for Steel (N1) grade at INR 24,000-24,250/MT & Foundry (N2) grade at INR 24,500-24,750/MT; prices are basic, ex-Cuttack, East India.
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